A document released by Otago financial staff, comparing the annual reports of the country's eight universities, shows Otago had the highest operating surplus - $26.7 million for the 2007 calendar year.
It also had the highest surplus as a percentage of income, the highest total income per equivalent full-time student and the lowest debt-to-equity ratio.
Earlier this month, the university council adopted a staff recommendation increasing fees for international students next year by an average of 4.3%.
The university traditionally does not discuss domestic fees until October or November, after the budget for the following year is worked through and approved by the council.
Asked if the university might consider holding domestic fees at 2008 levels in light of its strong 2007 financial result, chief operating officer John Patrick said it would be "premature to pre-empt the recommendation put to the council".
"While the budget process is under way, it is too early to speculate on what fees may do, as we simply are not that far into the process," he said in a brief written statement.
Otago University Students Association (OUSA) president Simon Wilson said the university had recorded "sizable surpluses" in recent years but had still increased fees.
"Otago's surpluses have been very high compared to other universities and that should be reflected in student fees. But I am not convinced that will happen."
The two student representatives on the council always voted against fee rises but were always outvoted, he said.
Asked if OUSA had considered putting forward its own resolution to the council requesting 2008 domestic fees be held at the 2008 level, Mr Wilson said it had not.
It would not be fair to do that until the process of setting the 2009 budget had been completed, he said.
